With just hours remaining before their arbitration hearing, Brandon Dubinsky and the New York Rangers agreed to a four year, $16.8M deal that would see the former second round draft pick continue for through two years of unrestricted free agency.

The $4.2M annual average is a substantial increase on the $1.85M that he took home over the past two seasons, but appears to be a fair reward for last year’s leading scorer for the Blueshirts, and is substantially lower than rumors that saw his asking price to be as high as $5-5.25M annually on a five to six year term.

Dubinsky reportedly was heading into the arbitration hearings with a request for $4.6M against the Rangers’ low-ball offer of $2.8M per Larry Brooks of the New York Post.

The agreements now sets the stage for the final big name free agent on the Rangers roster to come to terms on an agreement. Ryan Callahan is scheduled to have his hearing on the 28th, and was reportedly waiting to see what got worked out with Dubinsky.